Inflation is up again. CPI climbed to 3.8 per cent last month – up from 3.6 per cent in July, now well above the 2 per cent target that the Bank of England no longer seems all that bothered about missing. It throws fresh doubt on the wisdom of the Bank’s decision to cut rates just a fortnight ago, with prices now climbing to a 19-month high.

This morning’s inflation figures, released by the Office for National Statistics (ONS), show that much of the increase in prices was driven by a large jump in plane tickets and petrol. Economists had expected inflation to tick up – but not by this........

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